Obama administration will bail out Detroit from Bankruptcy

 

Bankrupt Detroit to get $300m from US government and private business

Headquarters_of_GM_in_Detroit

 

Summary:

  • The US government and and private businesses plans to pump $300m into Detroit, two months after the city declared bankruptcy, while the city owes around $18billion.
  • The funds will be used for community redevelopment, tearing down abandoned houses and redeveloping land, hiring more police and firemen and repairing transport and lighting.
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Categories: Business Today

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